PGW trading well on NZX

Solid demand in the third quarter of the financial year has seen PGG Wrightson raise its financial guidance.

In February, NZX-listed PGW posted a record result for the first half of 2022 financial year, including a $53million increase in revenue.

The company’s chairman Rodger Finlay recently told the market following that result, PGW had continued to see "solid demand" which had resulted in a pleasing performance across the majority of its business units, particularly retail, livestock and real estate all exceeding expectations.

On the back of that, PGW’s board had lifted its operating EBITDA guidance for the full year from $62million to around $66million.

PGW’s clients had seen its livestock clients in the North Island and Canterbury purchasing more stock due to good grass cover, which had also supported welcome growth in its GO-STOCK grazing programmes, Mr Finlay said.

Wet weather and humid conditions through late summer and autumn had supported "robust sales" in crop inputs and animal categories.

PGW’s real estate performance had also remained positive with some large kiwifruit orchards sold during March.

Although there remained a degree of uncertainty regarding future Covid-19 variants and continued supply chain disruptions, the move to the Orange setting as well as the opening of the border had been welcomed positively, Mr Finlay said.

Add a Comment

Sponsored Content